Oracle Corp. CEO Mark Hurd will take a leave of absence for health-related reasons, the computer software company said Sept. 11 as it reported earnings for the first quarter of its fiscal 2020 that met expectations.
Oracle Co-CEO Safra Catz and Executive Chairman and Chief Technology Officer Larry Ellison will cover Hurd's responsibilities during his absence.
The company did not provide further details on Hurd's health condition.
In the quarter that ended Aug. 31, Oracle's non-GAAP net income slipped year over year to $2.76 billion from $2.85 billion. Adjusted EPS rose from 71 cents to 81 cents, in line with the S&P Global Market Intelligence consensus normalized EPS estimate.
Oracle's GAAP net income fell to $2.14 billion in the fiscal first quarter from $2.27 billion a year earlier. On a per-share basis, GAAP earnings increased to 63 cents from 57 cents.
Revenue came in at $9.22 billion, up from $9.19 billion a year earlier but falling short of the S&P Global Market Intelligence consensus revenue estimate of $9.29 billion.
Oracle also announced that its board increased its share repurchase authorization by $15 billion.
The board also declared a quarterly cash dividend of 24 cents per share of outstanding common stock, to be paid Oct. 24 to shareholders as of Oct. 10.
Oracle shares fell more than 3% in extended-hours trading after closing the day 1.48% higher at $56.29.
